- 1). Deposit leftover funds into your savings account after your tuition is paid each semester. Depending on the amount of your loan disbursement, you may have leftover funding. Saving leftover funding in a high-interest savings account allows you to set aside money for loan repayment after graduation, which can be especially useful if you have difficulty finding employment before you are required to begin repaying your Sallie Mae student loan.
- 2). Consolidate multiple student loans to reduce your overall monthly pay out amount. If you have more than one loan, consolidation pulls all your student loans together so you are only responsible for one monthly payment. This reduces the amount you have to pay out every month, helping you avoid default if you are unable to afford multiple payments.
- 3). Request a hardship forbearance from Sallie Mae. If you have difficulty finding work, or you get laid off from your job and are unable to make payments, you may be eligible for a hardship forbearance. To request a hardship forbearance, contact Sallie Mae by telephone and inform them of your financial situation. If you are eligible for the hardship forbearance, your payments will be suspended, but interest on the loan still accrues each month the interest is unpaid. You may still pay the monthly interest on your account while in forbearance to reduce the amount of your payment once your forbearance ends.
- 4). Check your eligibility for payment deferment. Payment deferment is a temporary suspension of your monthly payments which can be authorized for several reasons, including military deployment, unemployment, economic hardship and enrollment in school. To determine eligibility for a private loan, such as a Sallie Mae signature loan, log in to your Sallie Mae loan management center and select "Postpone Payments." If you have already deferred your student loan, you may not be eligible for a second deferral under the same terms.
- 5). Sign up for a Upromise account. Upromise is an affiliate program that provides approved users with spending rewards for shopping, dining out and making major purchases. The earnings accrued from spending are then deposited into a savings program, which can then be accessed to help you pay down the balance on your Sallie Mae signature loan.
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